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Peter’s Premarket Perspective | Thursday, February 4, 2021

Peter Reznicek
Peter Reznicek
Co-founder/Head Trader, Peter's Premarket Perspective, Weekly Options advisory Email Peter Reznicek
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The Market Profile value areas and ShadowTrader Pivots for /ESH21 and /NQH21 Futures are posted free every morning

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  Key Levels for Today
3843.50 ONH (2.2)
3840.00 RTH High
3807.75 RTH Low
3799.00 Top of Gap
3777.00 Bottom of Gap

 

Completely unchanged value yesterday which signals that these recent higher prices are certainly being accepted. The gap below us remained unfilled and the RTH Low entered the realm of the single prints but didn’t traverse very far, leaving about half of them untouched. Carry that forward as WWSHD.

Coming into today’s session we have a market clearly opening within range, both yesterday’s and the prior day on overnight inventory that is close to 100% net short. Current prices are very close to the ONH. All that tells us a good deal of M.G.I. as we know that RTH sellers were muted on yesterday’s expected liquidation break and didn’t catch traction overnight either. Note in the market profile graphic above how the ONL is higher than the RTH Low.

All of that tells us that in today’s session the path of least (or perhaps lesser) resistance is higher and not lower. Yesterday’s liquidation break took potential sellers out and so did the overnight activity which has been rebuffed.

  Scenarios

    • Potential for upside is there in today’s session. Add the overnight inventory position to all the dynamics discussed above. Any upside move over that 2.2 overnight high would also represent a break out from two days of balance. Remember that we speak in terms of potential, not absolutes and that continued balanced can also be an outcome.
    • Continue to carry forward the recent unfilled gap as having the potential to bring about change if tested.

 

 

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